TAX PRO TODAY

IRS offers online tool for U.S. withholding agents to report foreign income

By Michael Cohn       2 min read

The tool will help U.S. withholding agents comply with their reporting and withholding responsibilities with Form 1042-S. Read story →

House moderates expect Biden bill’s cost estimates to fall short

By Laura Davison and Jarrell Dillard       3 min read

Among the crucial differences expected between the Congressional Budget Office projections, which will be released by Friday, and the White House figures is how much money can be raised from increased tax enforcement. Read story →

Indirect tax becoming more of a challenge

By Michael Cohn       5 min read

Sales taxes have risen to an average of between 25% and 35% across countries that are part of the OECD, according to a new report.  Read story →

Billionaire charged in $2B tax fraud says he has dementia

By Neil Weinberg and David Voreacos       6 min read

In 2018, when federal agents raided the Bermuda home of his trust manager, leading ultimately to Robert Brockman’s indictment on charges of evading taxes on $2 billion, prosecutors say he began assembling evidence that his mind was failing. If true, he could be excused from standing trial in the largest such case in U.S. history.  Read story →

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House eyes vote on Biden agenda as slowdown looms in Senate

By Erik Wasson, Laura Litvan and Laura Davison       5 min read

Despite a host of issues, they aim to vote this week on the roughly $2 trillion tax and spending bill. Read story →

Donor-advised funds gave 27% more to charities amid pandemic

By Michael Cohn       6 min read

Donor-advised funds increased their donations to charities last year in response to the COVID-19 pandemic, hitting the biggest levels in over a decade. Read story →

New IRS rules for R&D credits causing angst

By Michael Cohn       7 min read

The service’s recent move to set new requirements for claiming refunds on research tax credits is provoking an uproar among tax professionals. Read story →

SALT cap poised to get looser as Democrats debate tax relief

By Laura Davison       4 min read

Lawmakers representing high-tax areas are pushing to make the SALT deduction on federal income taxes a priority. Read story →

Tax Fraud Blotter: Bad policies

By Jeff Stimpson       6 min read

Broken Link; pit stopped; c’mon, Man; and other highlights of recent tax cases. Read story →

Taxpayer Advocate no longer helping with amended returns

By Michael Cohn       3 min read

The backlog of unprocessed returns has prompted the TAS to reject requests for assistance where the only issue involves amended returns. Read story →

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